In 2020, first time buyers paid higher total mortgage payments relative to their income compared to people who already owned a home. The mortgage payment of first time buyers was 17.1 percent of income, while for former owners it was 16.2 percent. The total mortgage payment refers to the total of all monthly payments over the full term of the mortgage.
Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2020, by type of buyer
(in GBP)
The source adds the following information: "From 1999, the average mortgage rate is a composite figure which has been constructed from a weighted combination of building society and bank mortgage interest figures to give an overall estimate of the mortgage rate. The mortgage repayment is for capital and interest charges. The data published in these tables are based on a sub-sample of RMS data. These results will therefore differ from results produced using full sample data."
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Office for National Statistics (UK). (July 17, 2021). Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2020, by type of buyer (in GBP) [Graph]. In Statista. Retrieved July 02, 2022, from https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). "Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2020, by type of buyer (in GBP)." Chart. July 17, 2021. Statista. Accessed July 02, 2022. https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). (2021). Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2020, by type of buyer (in GBP). Statista. Statista Inc.. Accessed: July 02, 2022. https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). "Total Mortgage Payment as a Percentage of Income in The United Kingdom (Uk) from 2000 to 2020, by Type of Buyer (in Gbp)." Statista, Statista Inc., 17 Jul 2021, https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK), Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2020, by type of buyer (in GBP) Statista, https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/ (last visited July 02, 2022)
